Michael,
There is nothing like a pension scheme here, as there is no tax relief available. So assuming you have one in your home country, you will not be able to replicate it here as income is paid gross, rather than with the deduction of tax.
As a consequence there is little choice available, other than to contribute to a "savings plan" of some sort.
As mentioned earlier, some "advisors" will suggest, as you are looking to save for retirement, that you have a plan that would last for the next 20/25 years, thus giving you the opportunity to save for the future.
What they will not tell you, is that the commission figures for policies roughly doubles for every 5 years the plan is put in place for. So a plan with a 10 year term will pay twice as much as a plan for 5 years................a plan for 20 years will pay 4 times the commission. So you can see why so many people are stitched up with longer term plans.
The reality is that the "contract" element of the savings plan is not the term of the plan. So if you had a savings plan on a 5 year contract, you could continue to add to that plan after the 5 year term was completed. You can still achieve your objective, but with less commitment and most importantly, less commission paid to an unscrupulous "advisor".
I know that the previous response mentioned investing in property, but be aware of the high associated costs of such investments, agency fees re-carpeting etc etc. You will also stand to pay Capital Gains Tax on any increase in value above a certain level if the property proves to be a wise investment and any rental income will be subjected to income tax.
I'd be inclined to ensure that you take care to invest off-shore and away from the clutches of the revenue system from your home country. Places like the Isle of Man, and Jersey and Guernsey are the most popular as they offer an element of investor protection.
So to conclude, you need to be very wary of who you're dealing with over here. There is no regulation of the financial services industry, perhaps unlike you are used to. Make sure you ask who ever you meet what their qualifications are, how long they have been in Dubai, and how long they have been in the industry. Don't be afraid of asking them for proof. It's essential that you don;t make the same mistake so many have made.
If you want a recommendation as to who to contact, I'd suggest you contact Elphaba from this forum. I know her personally and you can trust her implicity......she'll give you the right advice for you, and most importantly, not for herself, which is why financial advisors have such a bad name over here!!!!!!
Very long winded, I know, but I hope it helps!!!
